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Nov 20, 2017
11/17
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treasury and are counted against the deficit reduction. and the hour is upon us. surely by 2018, surely gses will figure this out. midnight december 31, 2017, the next morning the gses wake up and they have no capital. it's running down to zero. that means there's really no cushion anymore. and if any sort of blip happens in interest rates or hedging strategies or any sort of credit losses, hurricane costs, hurricanes are very expensive for freddie and fannie, they'll be back to the government asking for more money. they have no equity, no capital cushion. so that's why congress is getting a little nervous, that's why the regulator is saying this is not sustainable, this is sharely. and that is what -- scary. and that is what inspired the subtitle of my book, "why it could happen again," right from the mouth of the regulator. now, he testified in congress last week, he said once the dam cushion drops to zero, either enterprise will have the ability to endure any loss without drawing on taxpayer support so, obviously, he would be in favor of give government back so
treasury and are counted against the deficit reduction. and the hour is upon us. surely by 2018, surely gses will figure this out. midnight december 31, 2017, the next morning the gses wake up and they have no capital. it's running down to zero. that means there's really no cushion anymore. and if any sort of blip happens in interest rates or hedging strategies or any sort of credit losses, hurricane costs, hurricanes are very expensive for freddie and fannie, they'll be back to the government...
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Jan 27, 2013
01/13
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government can run the massive deficit with the ability to plant many and today it could not print money note telling the interest-rate it would not be credit worthy. that creates a huge temptation for politicians and i believe we'll ever discipline that we have specific errors that led to the recent financial crisis. alan greenspan was head of the fed in the early 2000 it and wanted to be a hero and getting ready to retire and we have a minor correction going out on a good note he lowers interest rates and creates negative real interest you to borrow less than the inflation rate in less than the appreciation rate which created a huge investment in housing. then at the end of the term he realizes he screwed up then they start to raise rates rapidly increate the inverted real -- real curvet never occurs naturally. that means short-term rates are longer than the height gauge long-term. you don't want to interest-rate because it is risky ears of the market's never do that for only the fed. wear that matters banks make money with short-term loans and if you create inverted yield curves they
government can run the massive deficit with the ability to plant many and today it could not print money note telling the interest-rate it would not be credit worthy. that creates a huge temptation for politicians and i believe we'll ever discipline that we have specific errors that led to the recent financial crisis. alan greenspan was head of the fed in the early 2000 it and wanted to be a hero and getting ready to retire and we have a minor correction going out on a good note he lowers...
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Dec 12, 2011
12/11
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when the cbo became the crucial arbiter of whether the health care reform or support from the deficit. >> you write in your book because of c.o.d. put off action on the health care bill. if the health care reform hadn't been viewed as something that had to at least be deficit neutral, then i think cbo wouldn't necessarily have had as important a role as it had but once you see one of the things you are concerned about and really president obama himself a will dated to the stature that he wouldn't sign a bill that added to the deficit that really meant it was a much higher hurdle for the bills to get over and that hadn't been true and certainly there were delays at various stages in the process because congress was waiting to find out whether whatever the latest version was the sort of pass the test. >> he used to work for gephardt, didn't he? >> it is possible. >> now, is there a professional staff as well that goes through administrations? >> yes but it is not a professional stuff like you'd find in most federal agencies in two respects i suppose the first is that it is dominated by
when the cbo became the crucial arbiter of whether the health care reform or support from the deficit. >> you write in your book because of c.o.d. put off action on the health care bill. if the health care reform hadn't been viewed as something that had to at least be deficit neutral, then i think cbo wouldn't necessarily have had as important a role as it had but once you see one of the things you are concerned about and really president obama himself a will dated to the stature that he...
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Apr 5, 2010
04/10
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i'm fully committed to the deficit system president obama has put together at the same time i'm skeptical or i'm gloomy about the prospects for success. in the "new york times" last week, an anonymous obama official said well, because we worked on medicare and medicaid in the health bill they will probably be off the table for the commission. likewise, the senate passed a resolution saying that there could be no expedited consideration of social security. the recommendations on social security that come out of the commission. it tells me that in congress, there are too many people with just a lack of seriousness and a lack of maturity about these issues. these are threats to the federal budget. and you have people who are simply willing to dodge things. i saw an interview on television last weekend with a republican running for the senate. and they asked him how would you fix social security? he says well, we can't increase the retirement age and benefits, let's focus on waste, fraud and abuse. when they say they will fix social security, that's a way of saying i'm not serious. several we
i'm fully committed to the deficit system president obama has put together at the same time i'm skeptical or i'm gloomy about the prospects for success. in the "new york times" last week, an anonymous obama official said well, because we worked on medicare and medicaid in the health bill they will probably be off the table for the commission. likewise, the senate passed a resolution saying that there could be no expedited consideration of social security. the recommendations on social...
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Nov 5, 2017
11/17
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our government budget deficit rose. to keep mortgage rates low and from going through the roof the federal reserve started to buy up excess mortgage bonds that freddie and fannie were no longer buying just to keep mortgage rates low and keep the market working. today about 40% of our federal reserve balance sheet is now made up of those bonds. it's huge. we are now starting to figure out how to get off the drug of quantitative easing and begin to unload those mortgages. so gosh, it's been a really sad time, and so i saw something on twitter the other day said i'm reading this book, i hate the title, he works in real estate, i hate the title, "days of slaughter" but but i love the k so far, some hoping the next week he will still like it when using what i say by the real estate industry. but in any event, "days of slaughter" is not a bad title and lots of red on the cover which johns hopkins chose, is actually very appropriate because a lot of red ink was spilled. one of the saddest outcomes, since we're were talking abo
our government budget deficit rose. to keep mortgage rates low and from going through the roof the federal reserve started to buy up excess mortgage bonds that freddie and fannie were no longer buying just to keep mortgage rates low and keep the market working. today about 40% of our federal reserve balance sheet is now made up of those bonds. it's huge. we are now starting to figure out how to get off the drug of quantitative easing and begin to unload those mortgages. so gosh, it's been a...
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Feb 22, 2013
02/13
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government can manage the deficit is because the federal reserve's ability to print on it. today the federal reserve couldn't print money. i don't think the u.s. -- he would not be creditworthy if you couldn't print money and that creates a huge temptation for politicians. i'm not the label discipline physical policy until he do with monetary policy. you have very specific areas to lead to the financial crisis. in the late 1990s, alan greenspan is head of the federal reserve, wanted to be a hero in us getting ready to retire and we had a minor correction. so greenspan wants to go on a good note city starts lowering interest rates, the effective printing money and he creates negative real interest rates. you can borrow turn on to criticize in the appreciation rate on housing, which invented a huge investment in housing and then right at the end of his term, greenspan realizes he's screwed up and he and his successors start raising interest rates rapidly and create something called an inverted yield curve. an unnatural phenomenon. only the fed can do it. short-term rates high
government can manage the deficit is because the federal reserve's ability to print on it. today the federal reserve couldn't print money. i don't think the u.s. -- he would not be creditworthy if you couldn't print money and that creates a huge temptation for politicians. i'm not the label discipline physical policy until he do with monetary policy. you have very specific areas to lead to the financial crisis. in the late 1990s, alan greenspan is head of the federal reserve, wanted to be a...
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Oct 19, 2015
10/15
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i think there's speculation it is true they have been used as a tool to reduce the budget deficit, so there's speculation that the government wanted billions for its own purposes rather than having freddy and fanny keep the billions of dollars that they were making and that could be possibly part of it. and i think that some of the presentations suggest also in this kind of environment of not wanting to see where the investors get paid even the wealthy investors have been to manage the money their school is kind of anti-hedge fund we don't want to see them get rich and there was a feeling we don't want them to have a payday. >> host: we are talking about paulson & co. and the hedge fund manager which was a very popular retail fund and a lot of people. they analyzed the legal case after the profits. >> guest: you have a little less sympathy for this because they change their mind was possible to now come after words what people say it is a very fair point that what if this is wrong. you can't do this. this isn't the way the system is supposed to work. it's like they took 80% of the hou
i think there's speculation it is true they have been used as a tool to reduce the budget deficit, so there's speculation that the government wanted billions for its own purposes rather than having freddy and fanny keep the billions of dollars that they were making and that could be possibly part of it. and i think that some of the presentations suggest also in this kind of environment of not wanting to see where the investors get paid even the wealthy investors have been to manage the money...
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Nov 18, 2017
11/17
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the deficit rose. there was fiscal stimulation the economic recovery package pushed through. there were more expenses for people who are unemployed. just to keep mortgage rates low in the market working. it is now made up of those bonds. it's huge if you look at the grasp. so gosh, it's been a really sad time someone on twitter the other day said i hate the title. i loved the books so far. i'm hoping the next tweet they will still like it. in any event days of slaughter is not a bad title. a lot of red ink was spelled one of the saddest outcomes. the weakest families and communities were hurt the most. so much when i was going on was a focus on getting more and more people into homes. i live in a home and everybody here hopefully lives in a home it is super important. homeownership is a challenging thing. what you want is resilience to get a home and then to use that michael included a few deer -- to get home and use it a few years later. one year ago the homeownership ranks sent the lowest level. the lowest level since 1965. under presidents clinton and bush. our major focus
the deficit rose. there was fiscal stimulation the economic recovery package pushed through. there were more expenses for people who are unemployed. just to keep mortgage rates low in the market working. it is now made up of those bonds. it's huge if you look at the grasp. so gosh, it's been a really sad time someone on twitter the other day said i hate the title. i loved the books so far. i'm hoping the next tweet they will still like it. in any event days of slaughter is not a bad title. a...
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Feb 2, 2013
02/13
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we have massive deficits in social security and medicare and everybody knows it. nobody seriously wants to do anything about it. and that leads to a lack of personal responsibility. the lack of personal responsibility is by far the central issue in a tidy in today's personal responsibility. are you responsible for yourself or are you entitled to what somebody else produced? that is the fundamental issue in our society. the founding fathers talked about the abuse of individual rights, which they really worried about. but they also realized that pretty soon the party was up to 30% and they found 3% quit. just like the causes philosophical, so insecure. life and liberty and the pursuit of happiness. each individual has a right to express personal happiness. they have the right to the product of their labor. if you produce a law, you get a lot. if you think about that moral prerogative, it demands personal responsibility. it demands and rewards rationality and self-discipline. life and liberty and the pursuit of happiness. let's talk about the birdie for just a moment
we have massive deficits in social security and medicare and everybody knows it. nobody seriously wants to do anything about it. and that leads to a lack of personal responsibility. the lack of personal responsibility is by far the central issue in a tidy in today's personal responsibility. are you responsible for yourself or are you entitled to what somebody else produced? that is the fundamental issue in our society. the founding fathers talked about the abuse of individual rights, which they...
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Oct 30, 2017
10/17
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recovery package push through costa lot of money people in needed social services with that budget deficit. but to keep mortgage rates low the federal reserve started to buy up excess mortgage bonds that fannie and freddie were no longer buying just to keep those market working and the rates low. to dave it is a huge if you look at the graph and how to get off the drug of quantitative easing to unload those mortgages. it has been a sad time so zero so that a on twitter the other day said i hate the title "days of slaughter" but i love the book so far. so i'm hoping he will still like it but "days of slaughter" is not a bad title there is a lot of red on the cover but that is actually very inappropriate because a lot of readying was built. -- read the neck -- red ink was spilled. who was hit the most? families and the most vulnerable communities. but also in terms of social capital so much of what was going on when i was at freddie mac was a focus on getting more people into homes. this secede as job number one and i with a home and it is super important but home ownership is a challenging
recovery package push through costa lot of money people in needed social services with that budget deficit. but to keep mortgage rates low the federal reserve started to buy up excess mortgage bonds that fannie and freddie were no longer buying just to keep those market working and the rates low. to dave it is a huge if you look at the graph and how to get off the drug of quantitative easing to unload those mortgages. it has been a sad time so zero so that a on twitter the other day said i hate...
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126
Nov 16, 2011
11/11
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they say things about the federal deficit like unsustainable path, broken process, and ability to get to the heart of the problem, and erskine at one point said we will have a crisis before those guys figure it out. by those guys, i think the man everybody in this town. you, cant by asking you offer a more optimistic scenario than that? >> if is not hard to be more optimistic than that. i think they did an enormously public service this year in bringing their commission along to a set of bipartisan recommendations. while it did not get the job done, it helped shape the debate and in a lot of ways, we've all been working in a world shaped by the work that they did. i have to be more optimistic than that. i've said this a lot of the last 10 days. it is a parlor sport in washington, calling process is dead before they had their final chance. i've never seen something that complicated done before the last minute in washington. so the next few days are critical. i will not sit here and say that it is not% likely that a big deal comes out of the super committee. but i think it has been writ
they say things about the federal deficit like unsustainable path, broken process, and ability to get to the heart of the problem, and erskine at one point said we will have a crisis before those guys figure it out. by those guys, i think the man everybody in this town. you, cant by asking you offer a more optimistic scenario than that? >> if is not hard to be more optimistic than that. i think they did an enormously public service this year in bringing their commission along to a set of...
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54
Feb 3, 2013
02/13
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government cannot massive deficits is because the federal reserve's ability to play funny. today the federal reserve couldn't print money. no time at interest rates with me. i don't think the u.s. could -- and would not be creditworthy if you couldn't print money. that creates a huge temptation for politicians. republicans and democrats. i don't think whether disciplined fiscal policy until monetary policy. the recent financial crisis. in the late 1990s, early 2000, alan greenspan had been there long time, wanted to be a hero. he was getting ready to retire for having the minor correction. greenspan was going to be good note, so he starts lowering interest rates, the effect to printing money. it creates negative real interest rate. so you can borrow dramatically less than the appreciation rate of housing, which incentive a huge investment house in which a prayer at such low interest rates. in right at the end of his term, greenspan realizes he's screwed up and he and his successors to raising interest rates very rapidly and create something: inverted joker. an unnatural phe
government cannot massive deficits is because the federal reserve's ability to play funny. today the federal reserve couldn't print money. no time at interest rates with me. i don't think the u.s. could -- and would not be creditworthy if you couldn't print money. that creates a huge temptation for politicians. republicans and democrats. i don't think whether disciplined fiscal policy until monetary policy. the recent financial crisis. in the late 1990s, early 2000, alan greenspan had been...
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Jan 27, 2013
01/13
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government can run its massive deficits is because the federal reserve's ability to plant money. today the federal reserve couldn't print money. interest rates i don't think it wouldn't be creditworthy if it couldn't print money, and that creates a huge temptation for politicians, right? republicans and democrats. i don't think that we will never disciplined fiscal policy until we deal with a monetary policy. the we had a specific errors that led to the recent financial crisis. in the 1990's, early 2000, alan greenspan was head of the federal reserve to the it he'd been there for a long time. hughes and maestro getting ready to retire. so greenspan wants to go out on a good note so he starts lowering interest rates, which is the effect of printing money and he creates negative real interest rates. you can lessen the inflation rate and barrault dramatically less on the appreciation rate on housing which in scented a huge investment in housing which you could borrow at such a low-interest rate. and then it's right at the end of his term greenspan realizes that he screwed up and he
government can run its massive deficits is because the federal reserve's ability to plant money. today the federal reserve couldn't print money. interest rates i don't think it wouldn't be creditworthy if it couldn't print money, and that creates a huge temptation for politicians, right? republicans and democrats. i don't think that we will never disciplined fiscal policy until we deal with a monetary policy. the we had a specific errors that led to the recent financial crisis. in the 1990's,...
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133
Jan 28, 2010
01/10
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that deficit would be only slightly smaller than last year's deficit which was the largest as a share of gdp since world war ii. we expect that revenues will grow modestly this year, primarily because we expect a slow pace of economic recovery. we expect that outlays will be about even with last year's level as a decline in federal aid to the financial sector is offset by increases in spending from the stimulus program and for other purposes. debt held by the public will reach $8.8 trillion by the end of this fiscal year, or 60% of gdp, the largest burden of debt since the early 1950s. looking beyond this fiscal year can, the budget outlook is daunting. again under current law, cbo projects the deficit will drop to about 3% of gdp by 2013 but remain in that neighborhood through 2020. by that point, interest payments alone would cost more than $700 billion per year. moreover, maintaining the policies embodied in current law that underlie these projections will not be easy. it would mean, for example, allowing all of the tax cuts enacted in 2001 and 2003 to expire in 2011 as scheduled a
that deficit would be only slightly smaller than last year's deficit which was the largest as a share of gdp since world war ii. we expect that revenues will grow modestly this year, primarily because we expect a slow pace of economic recovery. we expect that outlays will be about even with last year's level as a decline in federal aid to the financial sector is offset by increases in spending from the stimulus program and for other purposes. debt held by the public will reach $8.8 trillion by...
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May 14, 2014
05/14
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eye 42
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and people may not anticipate know that this is the key to our economic future and it will lower our deficits and/or our economy and bring in some of the most skilled people around the world. we want them to continue to come here and that is part of a competitive advantage to the rest of the world and our population is not aging is some populations are because of constantly replenished with folks who are go-getters. and we have this narrow window in the harder it is to get things done and it is harder and it will be a little bit more dysfunctional. and your voices are going to be absolute critical to that effort and this includes whether it is dealing with counterterrorism issues and this includes preventing activities like this from happening in the first place or dealing with natural disasters were our first responders are always right there on the scene day in and day out and your personal are doing heroic work and we are very grateful for that. and to think you, everybody. >> tonight on c-span2, a look at the government oversight of fannie mae and freddie mac and then a senate hearing on
and people may not anticipate know that this is the key to our economic future and it will lower our deficits and/or our economy and bring in some of the most skilled people around the world. we want them to continue to come here and that is part of a competitive advantage to the rest of the world and our population is not aging is some populations are because of constantly replenished with folks who are go-getters. and we have this narrow window in the harder it is to get things done and it is...
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Mar 31, 2012
03/12
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that the president's record will be on jobs, economic growth instead of regulation and spending and deficit spending perpetuated by this administration will be very different from what i think you will be hearing on the campaign trail from the incumbent president. so to ticket of we will have grover start with his talk about what they are trying to do. their vision for the economy under obama. >> about three parts. the first people are more familiar with the failure of fannie mae and freddie mac, the government mandate that banks make bad loans for houses and how that led to the and it's a crisis. and then the question of how the obama administration, the latter part of the bush administration reacted to that with bailouts and the stimulus funding. difference stimulus packages, not just the big one we generally think of. why that actually made the recession worse and the recovery weaker and creating a fewer jobs, increasing gdp less than other countries which did not do stimulus spending and that our recovery is weaker than previous recoveries because -- you can compare what we are going th
that the president's record will be on jobs, economic growth instead of regulation and spending and deficit spending perpetuated by this administration will be very different from what i think you will be hearing on the campaign trail from the incumbent president. so to ticket of we will have grover start with his talk about what they are trying to do. their vision for the economy under obama. >> about three parts. the first people are more familiar with the failure of fannie mae and...
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Oct 29, 2013
10/13
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about two thirds as raising taxes to cut the deficit was a nonstarter. compared to obamacare which more voters said they wanted to repeal these bubbles that supporters straight game. so if our friends on the other side want to keep trying to climb an electoral mandate for obamacare contradicted by the facts as that may be while using their own logic, we then have to call the mandate reducing the size of government a super mandate a super mandate. that is either new plan to undo the cuts the president campaigned on and increase the debt is so outrageous. we hear the senior senator from new york was to announce a proposal to give the president permanent power to borrow more. another was he wants to extend the debt ceiling permanently but going around congress. let me repeat that. the so-called schumer obama plan is a plan to permanently hand the president a credit card without spending limits and without lifting a finger to address national debt. truly outrageous. especially when you consider that our debt is now $79 which makes us look a lot like a europe
about two thirds as raising taxes to cut the deficit was a nonstarter. compared to obamacare which more voters said they wanted to repeal these bubbles that supporters straight game. so if our friends on the other side want to keep trying to climb an electoral mandate for obamacare contradicted by the facts as that may be while using their own logic, we then have to call the mandate reducing the size of government a super mandate a super mandate. that is either new plan to undo the cuts the...
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103
Feb 11, 2010
02/10
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word leaked out that deficits don't matter. that is what it seems. >> not from me. >> it did and mr. greenspan has talked about that, actually. he did not realize what was occurring politically and morally in the country, what was happening was we were losing our discipline and people were buying into that language. yes, we could have carried more debt in 2001 and 2002 but was used -- lose your discipline, it seemed like we went forward as it did not matter and we are now reaching this level of debt above which we are endangering our nation if we go above. i'm just really word about it. dr. marin, you mentioned one thing that is important and i need to put on the table, economists, masters of the universe, i call them, think they could pull the strings to manipulate this massive economy and that is a lot of us and a lot of american people do not believe in a growing government. you mentioned that in your remarks about. that about if we get a bigger government. many of us oppose that. we don't believe in that. some modest conten
word leaked out that deficits don't matter. that is what it seems. >> not from me. >> it did and mr. greenspan has talked about that, actually. he did not realize what was occurring politically and morally in the country, what was happening was we were losing our discipline and people were buying into that language. yes, we could have carried more debt in 2001 and 2002 but was used -- lose your discipline, it seemed like we went forward as it did not matter and we are now reaching...
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Feb 15, 2017
02/17
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the recent forecasts show deficits increasing over the next 10 year. under the baseline and the ratio of ? >> so nothing, it is just standard. nothing you're looking at coming out of the administration or congress causing you to raise the alarm. it is more of a standard instrument many of us have that we, we are really conducting ourselves in a totally inappropriate way as it relates to deficit. nothing is being discussed policy wise right now wait. >> well i mean, some of the policies that are being discussed might well raise deficits and in that context, they may also have impact on economic growth. in the economy's growth potential so, it is not a simple matter to evaluate. but i do think it is worth pointing out that fiscal sustainability has been a long-standing problem. and that the us fiscal course as our population ages, and healthcare costs increase, is already not sustainable. >> very 100 percent. you give a very full answer to the balance sheet question and i understand how the fed funds rate is much more targetable and much more accurate. i
the recent forecasts show deficits increasing over the next 10 year. under the baseline and the ratio of ? >> so nothing, it is just standard. nothing you're looking at coming out of the administration or congress causing you to raise the alarm. it is more of a standard instrument many of us have that we, we are really conducting ourselves in a totally inappropriate way as it relates to deficit. nothing is being discussed policy wise right now wait. >> well i mean, some of the...
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100
Nov 2, 2010
11/10
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we have huge deficits right now. if you look in the medium term, the next five or ten years, we have fairly large deficits expected. then if you look at the long term i don't think that, we have even larger deficits expected. it's tempting to say we have one issues, which is big deficits. three sets of issues. short term, long term, different resolution, they raised different issues. what i want to do is talk through that and talk through what we might actually do in terms of policy response. but i want to first spent a little bit of time in terms of history and terms of how we got here and talk about where we are headed and talk about what we might want to do about it. the history is interesting. this is -- you can treat this graph two ways. one as comic relief, which i'll explain in a second, and the other as a cautionary tale. what this graph shows you is the estimates of federal debt as of 2001. january 2001 when president bush came into office. we had surplus as far as the eye could see. yes, this is federal deb
we have huge deficits right now. if you look in the medium term, the next five or ten years, we have fairly large deficits expected. then if you look at the long term i don't think that, we have even larger deficits expected. it's tempting to say we have one issues, which is big deficits. three sets of issues. short term, long term, different resolution, they raised different issues. what i want to do is talk through that and talk through what we might actually do in terms of policy response....
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Aug 17, 2009
08/09
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we're increasing our deficit enormously and the national debt and ultimately it could be inflationary with all of that money and all so it will be as politicians like to say a burden for a hour children it is a bad thing but some of the structural, some of the things that have taken place that caused this crisis are things that became structural overspending here in the united states, lack of exported goods that resulted in huge imports, huge dollar surpluses around the world, certainly in the asia and middle east with petrodollars recyclers they have to buy dollar-denominated products and wall street was happy to come up with any opportunity it could to sell it to them. that is a 20 year in the making trend. china has $1 trillion. all of this going to a larger point* of how we ultimately get back to a point* where we're exporting more than we importing? the president talks about a but it is hard to imagine when or if we will ever get there and ultimately i think it does lead to aid to munition in our lifestyle. it is not good but it is a long time coming and it continues. the larger
we're increasing our deficit enormously and the national debt and ultimately it could be inflationary with all of that money and all so it will be as politicians like to say a burden for a hour children it is a bad thing but some of the structural, some of the things that have taken place that caused this crisis are things that became structural overspending here in the united states, lack of exported goods that resulted in huge imports, huge dollar surpluses around the world, certainly in the...
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May 30, 2012
05/12
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too lose during the late '60s and '70s the vietnam war increased government spending and increased deficit which put pressure on the capacity of the economy. now, another element that just mentioned briefly, is wage price controls. when inflation got up to about 5% in the early '70s president nixon introduced wage price control. a series of law which forbade from raise their prices. there was exceptions and they were trying to find exceptions. it was an unsuccessful policy, on the one hand, as you know, prices are the thermostat of an economy, they are the mechanism by which an economy functions. putting controls on wages and prices menlt they were shortages and all kinds of other problems throughout the economy. but in addition, again, as mill ton put, it is like the dealing with a overheating furnace by breaking the thermostat. the problem was the fact there was too much demand driving up prices, and simply putting passing a low which is people can't raise prices doesn't address the underlying problem. so the wage price patrol kept prices artificially low for the years. it made it harder
too lose during the late '60s and '70s the vietnam war increased government spending and increased deficit which put pressure on the capacity of the economy. now, another element that just mentioned briefly, is wage price controls. when inflation got up to about 5% in the early '70s president nixon introduced wage price control. a series of law which forbade from raise their prices. there was exceptions and they were trying to find exceptions. it was an unsuccessful policy, on the one hand, as...
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Feb 6, 2013
02/13
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it reduces deficit even though it increases government health spending and reduces the deficit because it's got tax increases that are bigger than the increases in spending response to the extent that our medium and long-term problem is driven by demographic and the growth on health care spend withing the law has made the second of those worse. >> i think that is not , i mean, you're absolutely right. there's no question that we expanded -- coverage to mills of americans. i think 23 million people that have health insurance that didn't have it before. it's not free. it comes at the cost. everyone understood it came as a cost. it was paid for in part by tax increases and cuts in other government health care spending. it was not all on the revenue side. the other thing that is important for the congressional budget office said it reduced the it in the first decade, which is what they look at if you look in the the second decade, we think it will reduce the deficit even more. i think they were in fact giving credit and thinking it would slow the growth rates of some of the health care spe
it reduces deficit even though it increases government health spending and reduces the deficit because it's got tax increases that are bigger than the increases in spending response to the extent that our medium and long-term problem is driven by demographic and the growth on health care spend withing the law has made the second of those worse. >> i think that is not , i mean, you're absolutely right. there's no question that we expanded -- coverage to mills of americans. i think 23...
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Jan 9, 2013
01/13
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how much is part of a grand bargain for deficit reduction? >> let's talk about revenues and shared gdp. how much is reasonable in such a tax code? >> oh, dear. first of all, i think you have to separate the revenue target. it would not be inefficient. and i guess i feel pretty good about the kind of thing regarding the system. i think it was about $80 billion a year or something like that. i think it's very obvious that as we look forward, we will need more revenue than we have been historically as a percentage of gdp. due to what the demographics are doing to a large percentage of this. so it's somewhere around 22% or something like that, it's a reasonable goal to me. >> if i were looking out, i think that makes sense he might tell me what the spending is for gdp. and i will tell you two percentage points less, maybe a little bit closer. people talk about balanced budgets, something like two percentage points of gdp. it would be a tremendous accomplishment that's where we stand today. together, i think it's important to think about tax refor
how much is part of a grand bargain for deficit reduction? >> let's talk about revenues and shared gdp. how much is reasonable in such a tax code? >> oh, dear. first of all, i think you have to separate the revenue target. it would not be inefficient. and i guess i feel pretty good about the kind of thing regarding the system. i think it was about $80 billion a year or something like that. i think it's very obvious that as we look forward, we will need more revenue than we have been...
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Oct 31, 2012
10/12
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significant things like tax policy and policies on deficits. i think there is going to be a long period of time before we will get any action on this. i'm just talking about when someone puts out an idea, which has to be challenged in congress and debated, and then you get something fast, and then you have the implementation. after all, think about where we are as far as implementation in terms of obamacare. unfortunately, i am very pessimistic about when we finally get resolution. >> yes, sir. >> i am a student at harvard kennedy school. you started your remarks talking about the incredible remarks before the conservatorship. as we think about the entities that will follow, how we think about creating an appropriate amount of political installation against lobbying when it comes to capital requirements or appropriately pricing governments guarantee? >> that is a real important question. i can tell you that during my time in the conservatorship. we had really strong restrictions. we were not able to make any political contributions. not just th
significant things like tax policy and policies on deficits. i think there is going to be a long period of time before we will get any action on this. i'm just talking about when someone puts out an idea, which has to be challenged in congress and debated, and then you get something fast, and then you have the implementation. after all, think about where we are as far as implementation in terms of obamacare. unfortunately, i am very pessimistic about when we finally get resolution. >>...
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Apr 15, 2012
04/12
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keynesian, large deficits. i mean, a couple of times, even a year-and-a-half ago, expressed concern about the law's deficit. i don't think he calls himself a keynesian. the mayor may not agree with everything he has done, but, you know, the federal reserve has not been to related to the type of keynesian policies. >> town hall. other government money was spent. to you have any positive or negative feelings on some of the broadbased tax cuts contemporary that were included? >> there were done the wrong way. one thing that reagan, i think, try to get across to people, the important thing is a marginal tax rate. how much do you have to pay the government for each additional dollar you earn? government takes more added each additional dollar, yet not going to have the same incentives to go and work hard and expand the pie as you would have otherwise. the problem is, the type of text us that we had, credits and deductions to mike that phasedown along with other ones. phasedown is the more money. what happened was, t
keynesian, large deficits. i mean, a couple of times, even a year-and-a-half ago, expressed concern about the law's deficit. i don't think he calls himself a keynesian. the mayor may not agree with everything he has done, but, you know, the federal reserve has not been to related to the type of keynesian policies. >> town hall. other government money was spent. to you have any positive or negative feelings on some of the broadbased tax cuts contemporary that were included? >> there...
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Jan 27, 2010
01/10
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that deficit would be only slightly smaller than last year's deficit which was the largest as a share of gdp since world war ii. we expect that revenues will grow modestly this year, primarily because we expect a slow pace of economic recovery. we expect that outlays will be about even with last year's level as a decline in federal aid to the financial sector is offset by increases in spending from the stimulus program and for other purposes. debt held by the public will reach $8.8 trillion by the end of this fiscal year, or 60% of gdp, the largest burden of debt since the early 1950s. looking beyond this fiscal year can, the budget outlook is daunting. again under current law, cbo projects the deficit will drop to about 3% of gdp by 2013 but remain in that neighborhood through 2020. by that point, interest payments alone would cost more than $700 billion per year. moreover, maintaining the policies embodied in current law that underlie these projections will not be easy. it would mean, for example, allowing all of the tax cuts enacted in 2001 and 2003 to expire in 2011 as scheduled a
that deficit would be only slightly smaller than last year's deficit which was the largest as a share of gdp since world war ii. we expect that revenues will grow modestly this year, primarily because we expect a slow pace of economic recovery. we expect that outlays will be about even with last year's level as a decline in federal aid to the financial sector is offset by increases in spending from the stimulus program and for other purposes. debt held by the public will reach $8.8 trillion by...
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Feb 16, 2010
02/10
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a deficit net of interest payments. so revenues, net of other spending will not be enough to pay for interest payments of the debt. this in 2014 at the time as i said the gap will be closed -- we don't expect to see -- we see unemployment going back to normal. it can happen before but by 2014, it should be the case. at the time also when the demographic shock with most advanced countries in full swing and at the time when the public debt would have risen to a level that has not been seen since essentially the aftermath of the second world war. even now if you take the g7-advanced countries in 2010, the level of public debt is back to where it was in 1950. in the aftermath of the second world war. these are the facts. what are the risks? there are short-term risk of the kind -- of the kinds of development that you see in europe, a sort of loss of confidence in public finances. but there is another medium-term risk namely that -- well, everybody agrees that public debt can't increase forever. the increase is if government
a deficit net of interest payments. so revenues, net of other spending will not be enough to pay for interest payments of the debt. this in 2014 at the time as i said the gap will be closed -- we don't expect to see -- we see unemployment going back to normal. it can happen before but by 2014, it should be the case. at the time also when the demographic shock with most advanced countries in full swing and at the time when the public debt would have risen to a level that has not been seen since...
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May 31, 2012
05/12
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that we not only protect middle-class families but also how we achieve that balance plan to reduce the deficit and avoid be sequestered, to use washington lingo. i apologize to anyone out there watching, but you know what i'm talking about and these are obviously ongoing discussions. our position is clear and it has been clear for a very long time. >> so he's not rejecting it out of hand? >> again we are working with leaders in congress and continue to have discussions on that. i think the question that needs to be asked is of republicans who at every turn have refused to take sensible action to protect middle-class, to ensure that they receive further tax relief unless the wealthiest americans who have enjoyed substantial benefits over the last decade get additional tax cuts or have those tax cuts extended. that is simply unaffordable and does not represent the kind of balanced approach that we need to take with the fiscal challenges. >> on the call last night the leaders. >> i don't have any specifics for the conversation beyond what i have said and beyond what the paper readout we gave out
that we not only protect middle-class families but also how we achieve that balance plan to reduce the deficit and avoid be sequestered, to use washington lingo. i apologize to anyone out there watching, but you know what i'm talking about and these are obviously ongoing discussions. our position is clear and it has been clear for a very long time. >> so he's not rejecting it out of hand? >> again we are working with leaders in congress and continue to have discussions on that. i...
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Jun 20, 2014
06/14
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a lot of danger the deficits could affect higher than that. ceo projects an increase in the debt over the next decade so you go from $17 trillion where we are today, $17.7 trillion to $27 trillion in debt ten years from now relatively rosy scenario. i hope no one is declaring victory and i hope we continue to keep this on the front burner and talk about how we solve this problem. the problem is entitlement spending. i think most folks on both sides of the aisle understand that so we will spend time talking about the math. i don't think it is a matter of ideology or point of view but arithmetic, numbers i simply overwhelming, social security, health and vitamin, net interest comprise half the budget and yet they are responsible for 86% of all new spending over the next decade. entitlement spending is set to double over the next decade. it will consume 100% of tax revenues within a decade. in other words the entire discretionary budget from defense to health research to education to second chance we talked about infrastructure, all that will hav
a lot of danger the deficits could affect higher than that. ceo projects an increase in the debt over the next decade so you go from $17 trillion where we are today, $17.7 trillion to $27 trillion in debt ten years from now relatively rosy scenario. i hope no one is declaring victory and i hope we continue to keep this on the front burner and talk about how we solve this problem. the problem is entitlement spending. i think most folks on both sides of the aisle understand that so we will spend...
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Jun 18, 2013
06/13
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honestly it has helped in the budget deficit. and if you look at the testimony recently of the treasury secretary when asked about restructuring the mortgage market, he said that that was number one priority. his number one priority was money market funding. it is interesting how that is no longer the first priority of the white house. it may very well have something to do with that. inertia is a very powerful force and there are many who will question whether the private sector is capable of replacing all or part of the government. we feel like we have new private mortgage insurance companies i think this is about a billion dollars that can be raised. someone is interested in the mortgage market. so it should not surprise you that many of us feel that you can have some private sector. you can raise a lot for the single and double trenches. some of it has been making a modest comeback. in 2015, i believe that we will have 12 to $15 billion of this. it has been difficult. in 2012, there was so little issue and it was always oversu
honestly it has helped in the budget deficit. and if you look at the testimony recently of the treasury secretary when asked about restructuring the mortgage market, he said that that was number one priority. his number one priority was money market funding. it is interesting how that is no longer the first priority of the white house. it may very well have something to do with that. inertia is a very powerful force and there are many who will question whether the private sector is capable of...
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Feb 3, 2015
02/15
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unless doing that would put them into a into a deficit situation. yes. >> right. but did you seek approval from treasury to do that? >> no. >> and don't you think that since they are the opener of that preferred -- the owner of that preferred stock on behalf of all the taxpayers you should have checked with them first before taking money into the housing trust fund before sweeping all the profits into treasury? >> no. >> and tell me again i know you've covered some of this ground before, tell me again why you believe that's the case -- >> why i shouldn't -- >> yeah, why you believe -- >> why i shouldn't get treasury's approval? >> correct. >> because there's nothing in the preferred stock agreement under which we operate that addresses the housing trust fund, and so we're not violating the terms of the preferred stock purchase agreement in doing this. we're just simply complying with the law. and that's, you know, so there's no reason for me to get treasury's approval for that. >> it just seems like when we own the shares of that company as the taxpayers that we s
unless doing that would put them into a into a deficit situation. yes. >> right. but did you seek approval from treasury to do that? >> no. >> and don't you think that since they are the opener of that preferred -- the owner of that preferred stock on behalf of all the taxpayers you should have checked with them first before taking money into the housing trust fund before sweeping all the profits into treasury? >> no. >> and tell me again i know you've covered some...
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Nov 17, 2011
11/11
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clearly, the deficit continues, and you all owe the taxpayers 141 billion. so when taxpayers are seeing millions of dollars in bonuses going to the executives, i understand their outrage. and, mr. haldeman, you said you understood that too. so, mr. demarco, as the conservator or fannie and freddie, you're nominally the boss of both of them. do you think their work is ten times harder or ten times more complex than yours? and maybe that the members of congress? so is their salary difference justified? >> i don't think anyone's going to agree, including me, that anyone's working ten times harder than i am right now, congressman. [laughter] >> okay. well, are they justified then? i mean, should they be getting -- >> i believe given the framework that was put in place, they have justified because the framework was designed in consultation with the special master of treasury looking at large financial institutions that operate as private companies, not as government agencies to develop a compensation structure and amounts. i believe that what we struck here was a
clearly, the deficit continues, and you all owe the taxpayers 141 billion. so when taxpayers are seeing millions of dollars in bonuses going to the executives, i understand their outrage. and, mr. haldeman, you said you understood that too. so, mr. demarco, as the conservator or fannie and freddie, you're nominally the boss of both of them. do you think their work is ten times harder or ten times more complex than yours? and maybe that the members of congress? so is their salary difference...
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Oct 31, 2012
10/12
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significant things like tax policy and policies on deficits. i think there is going to be a long period of time before we will get any action on this. i'm just talking about when someone puts out an idea, which has to be challenged in congress and debated, and then you get something fast, and then you have the implementation. after all, think about where we are as far as implementation in terms of obamacare. unfortunately, i am very pessimistic about when we finally get resolution. >> yes, sir. >> i am a student at harvard kennedy school. you started your remarks talking about the incredible remarks before the conservatorship. as we think about the entities that will follow, how we think about creating an appropriate amount of political installation against lobbying when it comes to capital requirements or appropriately pricing governments guarantee? >> that is a real important question. i can tell you that during my time in the conservatorship. we had really strong restrictions. we were not able to make any political contributions. not just th
significant things like tax policy and policies on deficits. i think there is going to be a long period of time before we will get any action on this. i'm just talking about when someone puts out an idea, which has to be challenged in congress and debated, and then you get something fast, and then you have the implementation. after all, think about where we are as far as implementation in terms of obamacare. unfortunately, i am very pessimistic about when we finally get resolution. >>...
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Aug 12, 2012
08/12
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funding productive uses of resources and if we get the government, and congress can't run these huge deficits if there's no one there to print the money to finance. >> thank you very much. you may be excused, peter schiff. [applause] >> any further witnesses, mr moore? >> how much time do i have? ladies and gentlemen of the jury, it was george washington who once said government is the first disaster. >> he gets his closing first. [talking over each other] >> to get my closing statement. [talking over each other] >> am i out of order? >> you are out of order! go ahead. >> george washington said government is a fearsome master and we learned that with wall street. what we have learned in the last hour or so is that yes, wall street made mistakes. and yes there were excesses on wall street and people should pay for those mistakes of the people invested in these banks who made the mistakes themselves but government stepped in and became so involved in everything wall street was doing that it corrupted wall street. we created as eisenhower basically said beware of the military-industrial complex
funding productive uses of resources and if we get the government, and congress can't run these huge deficits if there's no one there to print the money to finance. >> thank you very much. you may be excused, peter schiff. [applause] >> any further witnesses, mr moore? >> how much time do i have? ladies and gentlemen of the jury, it was george washington who once said government is the first disaster. >> he gets his closing first. [talking over each other] >> to...
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Dec 3, 2010
12/10
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we started to reduce the deficit. and in just seven years -- actually six years, a little over six years we actually got a surplus in our budget -- a surplus. the last time we had a surplus was then. and we were on the path of reducing our debt -- our national debt down, reducing our national debt. we had more jobs. people were working. and then -- and then george bush came to office in 2001. and the republicans looked at all this money that was coming in. which we were going to use to pay down the national debt. so our kids wouldn't have a big debt hanging over their heads. they looked at all that and said, oh, my gosh, let's have a tax kuvment and they ran -- cut. and they ran through a tax cut, they sure did, in 2001. they ran through a huge tax cut that mostly benefited the wealthiest people in this country. as i said, by 2007 the top 1% took home 23.5% of all the income and not paying their fair share. but that's what they want to extend. that's what -- that's what the republicans want to continue to do. they wan
we started to reduce the deficit. and in just seven years -- actually six years, a little over six years we actually got a surplus in our budget -- a surplus. the last time we had a surplus was then. and we were on the path of reducing our debt -- our national debt down, reducing our national debt. we had more jobs. people were working. and then -- and then george bush came to office in 2001. and the republicans looked at all this money that was coming in. which we were going to use to pay down...
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Jan 13, 2010
01/10
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functions by the normal appropriations process, and the pressures that come to bear when you have a deficit. so fannie and freddie were created and given the same authority essentially that fha had so that they could spend much more money on the same general activities, without having any budgetary effect. now they're having their budgetary effect, but while they were functioning because of their losses, but while they were functioning they had not. and that will happen again. because all of these things operate -- all of these things operate in the same general way, and that is, the incentives are always the same incidents for management, incentives for people in the market who are looking for safe investment, that they know the government will bail them out if there's any trouble, and the incentives for congress to establish and exploit these institutions are also the same. so nationalization doesn't work that i think a public utility doesn't work as an idea. and i think gse's, although they're likely to be the solution that congress chooses, would be a very bad idea. so i am left with on
functions by the normal appropriations process, and the pressures that come to bear when you have a deficit. so fannie and freddie were created and given the same authority essentially that fha had so that they could spend much more money on the same general activities, without having any budgetary effect. now they're having their budgetary effect, but while they were functioning because of their losses, but while they were functioning they had not. and that will happen again. because all of...
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Jan 24, 2012
01/12
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the highest deficit president bush ever had -- and it was too high -- was $450 billion. but for three years we've averaged $1.3 trillion. the debt is surging out of control and the budget control act that purports to make a change in that trajectory only reduced spending by $2 trillion -- excuse me, only reduced the deficit, projected deficit over ten years, by $2.1 trillion, when every expert before our budget committee told us, you need to have $4 trillion over ten years in reduced deficits, because under the projections we have, under the congressional budget office, we're on track to add $13 trillion more to the debt in ten years. $13 trillion more, doubling the $13 trillion now -- now over $13 trillion we have. we need a plan to change that. instead we got a minimum reduction, i guess, from approximately $13 trillion to $11 trillion out of the budget committee. so we'll add $11 trillion to the debt over the next ten years rather than $13 trillion. that's not enough change. $4 trillion in my opinion, based on the studies and the hearings and the testimony of the witn
the highest deficit president bush ever had -- and it was too high -- was $450 billion. but for three years we've averaged $1.3 trillion. the debt is surging out of control and the budget control act that purports to make a change in that trajectory only reduced spending by $2 trillion -- excuse me, only reduced the deficit, projected deficit over ten years, by $2.1 trillion, when every expert before our budget committee told us, you need to have $4 trillion over ten years in reduced deficits,...
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Jan 7, 2010
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fiscal deficit would continue after 2012 at about a 7% of gdp level. in other words, about twice the optimistic cbo numbers. well, what should be done about this? i think the challenge is to find a way to prevent the ever rising share of government spending and gdp. by 2019, the cbo numbers, the cbo numbers omnia assumption of no real discretionary spending are that we will be spending 23.6% of gdp with a more realistic assumption that government spending will rise to discretionary spending will rise with nominal gdp. we get to more than 25%. and to put that number in perspective, over the four decades through 2009 that number was only a little over 20%. so with a five percentage point increase. and the danger in my judgment is that this will provide an excuse or provide political pressure to consider the value added tax and while value added tax is that many virtues as an alternative to other taxes, i don't think they have a virtue as simply an addition to personal income taxes, payroll pack the and corporate income taxes because they would increase m
fiscal deficit would continue after 2012 at about a 7% of gdp level. in other words, about twice the optimistic cbo numbers. well, what should be done about this? i think the challenge is to find a way to prevent the ever rising share of government spending and gdp. by 2019, the cbo numbers, the cbo numbers omnia assumption of no real discretionary spending are that we will be spending 23.6% of gdp with a more realistic assumption that government spending will rise to discretionary spending...
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Feb 8, 2013
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we should care about the deficit. we should care about the difference between what a government spending and what a government is collecting in revenues. extremely important to we should also to about the size of government. we should care about both i. and what we have done over the past several years is we have a limited concerns about the deficit. we have done that to a large extent by increasing the size of government and the tax burden to get bigger, is the fewer resources there are for california dems and california businesses to do what they want to do with them. and so you've got to take both of those into account. and i think that one of my concerns is, if we simply say deficits are not a problem, everything is better, what we are ignoring is that other dimension because in reality what happens, the policymakers are making to decisions. wonders whether they're deciding about deficits or surpluses. they're deciding are going to borrow from our state's future income. but when a decision on the size of governmen
we should care about the deficit. we should care about the difference between what a government spending and what a government is collecting in revenues. extremely important to we should also to about the size of government. we should care about both i. and what we have done over the past several years is we have a limited concerns about the deficit. we have done that to a large extent by increasing the size of government and the tax burden to get bigger, is the fewer resources there are for...
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Aug 10, 2011
08/11
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that's not the deficit. it's the entire budget. freddie mac was formed in 1970 to provide competition. the two have competed vigorously for the last 40 year. while now private companies, investors assume should either run out of capital, the federal government should support them. it was the implicit guarantee. while the official washington position was not so, the assumption turned out to be correct. even with fannie and freddie and business, many institutions still kept a large number of mortgages on their books. but by 1999, residential mortgage debt outstanding exceeded all total bank deposits. at the same time, as the dot-com double was building and then bursts, investors around the world for looking for something else to invest in. housing started to attract attention as house prices began to expand faster than incomes in 1999. this is actually my favorite slide. if you ever wanted to see a bubble in action, here it is. unfortunately, very few people watching recognized the bubble for what it was. which is the problem with bu
that's not the deficit. it's the entire budget. freddie mac was formed in 1970 to provide competition. the two have competed vigorously for the last 40 year. while now private companies, investors assume should either run out of capital, the federal government should support them. it was the implicit guarantee. while the official washington position was not so, the assumption turned out to be correct. even with fannie and freddie and business, many institutions still kept a large number of...
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Oct 3, 2015
10/15
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bailed out the treasury with its quantitative easing programs, financed the obama administration, ruined deficits so that the national debt now exceeds, say it with me, $17 trillion. holy underwear. and has manipulated interest rates far too long for the american economy to fully recover. how to you plead? >> not guilty. >> what? oh, yeah, i've heard that before. we will begin the proceeding with five minute opening statements first by percenting attorney robert -- prosecute attorney robert murphy. put your hands together for robert p. murphy, author of the acclaimed new book, "choice, collaboration, enterprise and human action." it's my favorite kind of action, i love -- i love animal action too. i'm a libertarian, i don't judge. [laughter] senior economist with the institute for energy research. he's got so much energy, he could be his own can of red bull. he received his ph.d. in economics from new york university and has taught at nyu and worked for laffer associates, very serious place. he's author of seven books, and they include politically incorrect: a guide to capitalism. he has been a l
bailed out the treasury with its quantitative easing programs, financed the obama administration, ruined deficits so that the national debt now exceeds, say it with me, $17 trillion. holy underwear. and has manipulated interest rates far too long for the american economy to fully recover. how to you plead? >> not guilty. >> what? oh, yeah, i've heard that before. we will begin the proceeding with five minute opening statements first by percenting attorney robert -- prosecute...
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Jan 27, 2010
01/10
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>> to reduce deficits? >> yeah. >> well, just logically there are other kinds of taxes beside income tax is. >> no, no. i can see that. >> and on the spending side, again, you know, willie sutton, robbed banks because that's where the money is as he put it. the money in this case is in entitlements. those other programs which are growing. at the rate we're going, in about 15 years the entire federal budget will be entitlements and interest and will not be any money left over for defense or any of the other activities. so clearly we're facing a very different hundred difficult structural problem. the government has very substantial obligations. i'm not in any way advocating unfair treatment of the elderly who have worked all their lives and surly deserve our support and help. but if there are ways to restructure or strengthen these programs that reduce costs, i think that's extraordinary important for us to try to achieve. >> would you take taxes off the table? >> those decisions, i wouldn't do anything. tho
>> to reduce deficits? >> yeah. >> well, just logically there are other kinds of taxes beside income tax is. >> no, no. i can see that. >> and on the spending side, again, you know, willie sutton, robbed banks because that's where the money is as he put it. the money in this case is in entitlements. those other programs which are growing. at the rate we're going, in about 15 years the entire federal budget will be entitlements and interest and will not be any money...
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Jul 30, 2011
07/11
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he hates big government deficits. as long as their in the bush to ministration, and he is terrified it will create sky-high interest rates. he loves deficits now in 1983 and created, the fancy word with the crowd sourcing. the use the internet, blocks to get dozens of like-minded people to participate in a joint project. the project at the time was every time he writes a column all of the members of the troops got stay up all night, fact checking. kids every line, every error, every distortion, every misquotation, e-mail me. i'll have it published on national review online in a state. we did about a hundred columns over seven years. that does major retractions of airs allies. but before it did that it had to resolve a not once but twice getting the new york times for the first time in its more than century long history destitute an official policy under which its opinion columnists are obliged to correct errors. they didn't have that policy. [applause] al let me tell you what is so powerful about that. when they can't
he hates big government deficits. as long as their in the bush to ministration, and he is terrified it will create sky-high interest rates. he loves deficits now in 1983 and created, the fancy word with the crowd sourcing. the use the internet, blocks to get dozens of like-minded people to participate in a joint project. the project at the time was every time he writes a column all of the members of the troops got stay up all night, fact checking. kids every line, every error, every distortion,...
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Aug 26, 2009
08/09
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the goal should be to have a sustainable current account deficit. it doesn't have to be zero, but it should not go back to a 5-6%. if it does the according trouble again. to do that i would suggest that we need to think more about reciprocity and balance and benefit. these are both elements which have not been applied to past trade agreementsecause we thought they were -- did not serve our interests. we may want to rethink that. and second we need a trade policy that convinces boat industry and e people that this trade policy will benefit them. to that extent it seems to me we need a trade policy based on standards, technological standards that ensure the competitiveness of the american industry. the chinese are pursuing these. we need to be in that game. i would argue we need to be in that came with the europeans. and we need as standard policy that convinces consumers that imports are get them. and a think this raises the issue of health and safety issues. primarily we need to convince mothers out there who are feeding their children vitamins and
the goal should be to have a sustainable current account deficit. it doesn't have to be zero, but it should not go back to a 5-6%. if it does the according trouble again. to do that i would suggest that we need to think more about reciprocity and balance and benefit. these are both elements which have not been applied to past trade agreementsecause we thought they were -- did not serve our interests. we may want to rethink that. and second we need a trade policy that convinces boat industry and...
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Mar 8, 2015
03/15
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the obligations of the federal books because the vietnam war and the great society were polluting the deficit. similarly, richard nixon had no knowledge of history lessons when he created freddie mac is a competitor to fannie mae. in this way leaders were following the american people's demand to solve pressing problems without fussing over abstract concerns like whether a system could keep entities in mind. this is an unfortunate pattern i found throughout the process of research. for a country founded by men who have success with how institutions could ensure truly republican results. citizen ran political class of the generations has been decidedly disinterested in such questions. they hardly consider past institutional mistakes when designing new structures, part of a revisit for some shins when those institutions appear to be functioning poorly and almost unquestionably accept ad hoc structures to decidedly political. people are too quick to blame personalities rather than institutional maladies and bad policy is produced. to put it bluntly it has been decidedly in madisonian and the cou
the obligations of the federal books because the vietnam war and the great society were polluting the deficit. similarly, richard nixon had no knowledge of history lessons when he created freddie mac is a competitor to fannie mae. in this way leaders were following the american people's demand to solve pressing problems without fussing over abstract concerns like whether a system could keep entities in mind. this is an unfortunate pattern i found throughout the process of research. for a...
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Feb 17, 2011
02/11
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in order to match the deficits. is that a correct statement or? >> absolutely. and again i think it's important to recognize that tax cuts are not free. they don't pay for themselves. we have to go borrow money to finance them. and i know we are having a big debate about what the appropriate role of government is. the government is a divided country on that. there's no argument that the role of government is to go out and borrow $1 trillion to finance tax cuts for the top 2% of americans. i think there's no -- it's not good for growth, it's not necessary for growth. it's deeply irresponsible, and it will deeply magnify the challenge of fiscal sustainability. if you don't made the modest reforms in tax provisions, very limited reforms, you are going to have to find $1 trillion in benefit cuts or spending cuts. that's going to be a hard thing to do. >> thank you. also the president made it clear that we need to invest in education. today you mention three critical areas for investment, early childhood, teacher prepara
in order to match the deficits. is that a correct statement or? >> absolutely. and again i think it's important to recognize that tax cuts are not free. they don't pay for themselves. we have to go borrow money to finance them. and i know we are having a big debate about what the appropriate role of government is. the government is a divided country on that. there's no argument that the role of government is to go out and borrow $1 trillion to finance tax cuts for the top 2% of americans....
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Feb 2, 2013
02/13
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everyone is into this deficit, cut the deficit. now, we've got to expand into infrastructure. we've got to fix roads and water systems. we have to spend money in order to save money. you'd have to go back work at doing those things, you will cut the deficit. the steel mills went under in this country basically because they didn't ram last in their company. we need to reinvest in our country before it's too late. thank you. >> host: thursday when debates on which avenue to take, to cut spending or investing government. >> guest: that's kind of at the core of what democrats and republicans argue about. from my perspective this is nitrous question, that maybe the citrus question. the two sides are talking past each other. you know, what we need is a long one plant to address the budget deficit. insert indicates the economy needs more investment and growth in the short run, but also the case if you look at any long run and title match at the found his dog is not sustainable. something has to be done over the course of the next 10, 20, 30, 40 years to address entitlement commitment
everyone is into this deficit, cut the deficit. now, we've got to expand into infrastructure. we've got to fix roads and water systems. we have to spend money in order to save money. you'd have to go back work at doing those things, you will cut the deficit. the steel mills went under in this country basically because they didn't ram last in their company. we need to reinvest in our country before it's too late. thank you. >> host: thursday when debates on which avenue to take, to cut...
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Jul 22, 2011
07/11
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amount upgraded, because it will be offset by fees we collect, it will have no impact on the budget deficit. sec efforts to implement the act had been extensive. we know our work continues. thank you for inviting me to share our progress, and i look forward to answering your questions. >> thank you. chairman gensler. >> i thank you for inviting me here to testify today, and i am pleased to testify on behalf of the commodities futures trading commission. it is a poor to remember why the law's reform is unnecessary. when aig and lehman brothers failed, we paid the price. all of your constituents pay the price. the effects of the crisis continued to be very real with significant uncertainty in the economy and millions of americans out of work. although the crisis had many causes, it is clear the derivatives marketplace played a central role. they contributed to the product called credit default swaps to a bubble and the housing market, and helped accelerate as we went into the crisis. they contributed to a system where large financial institutions were all the sudden two interconnected the to
amount upgraded, because it will be offset by fees we collect, it will have no impact on the budget deficit. sec efforts to implement the act had been extensive. we know our work continues. thank you for inviting me to share our progress, and i look forward to answering your questions. >> thank you. chairman gensler. >> i thank you for inviting me here to testify today, and i am pleased to testify on behalf of the commodities futures trading commission. it is a poor to remember why...
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Jan 17, 2010
01/10
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[inaudible] has been drawn and there has been no addition so therefore with that asset in the deficit,. [inaudible] >> there are some people some of the argument sorry here is the bang seven actually dealt with the problem and they are still sitting on their balance sheets like japan presumably. i think there are some very respected people. i was on a panel with carmen reinhart and she made this argument. i think there's something in that. clearly there was an accounting dodge when they allowed them to mark all of these assets to market but mark-to-market was having disastrous effects because it starts a done red spiral because mark-to-market is short of capital so they have to sell and prices keep going down so you can get a downward spiral with mark-to-market. you need somewhere in between, and maybe a temporary extension of mark-to-market. my argument why i'm not quite so pessimistic of carmen rideout, paul krugman and these people is i think the government's recapitalization of the banking system is proving quite effective. it is not a pretty process to watch because of these guys
[inaudible] has been drawn and there has been no addition so therefore with that asset in the deficit,. [inaudible] >> there are some people some of the argument sorry here is the bang seven actually dealt with the problem and they are still sitting on their balance sheets like japan presumably. i think there are some very respected people. i was on a panel with carmen reinhart and she made this argument. i think there's something in that. clearly there was an accounting dodge when they...